Hi PhuDao

Your Question:

quote: was wondering if anyone knows whether it is legal for the director of the corporate trustee to rent a property within the trust?

I’ve been doing it for over 10 years and it was recommended by my Accountant.

You need to discuss this with your Accountant as well as your Lawyer.

Cheers
Nessie

Hi all,

djones – did to you ask the CBA to prepay interest or did you tell you need to prepay your interest ? There is a big difference.

If it was the first option go back to them with the second. If they won’t do it then tell then you will re-finance because “your accountant says you must prepay interest”. Get my drift !!

I think you will…[Read more]

Hi Tiffany

Congratulations – Well done.
Would love to see your flyer.
My email is hicksrl@ocean.com.au

Cheers
Nessie

Hi to you all

Wilinvest – you wanted to know how I went.
Firstly the Agent didn’t turn up at the property as arranged.[!] Rang him – agreed to met with him yesterday morning 9am. [] Extracted even more info. This deal is 3 D’s all in one. []The owner is deceased. The One of the 3 benficiaries is getting divorced and is desperate to sell. []…[Read more]

Hi avranjes

It is a very simple process.

Take the principal sum ie $100K X by the interest rate and then divide by 52 (weeks in a year)

ie: 100K X 6% = 6000 per annum
Divide this by 52 = $115.38 per week

If you want to calculate P&I repayments you will need a financial calculator or use the Mortgage calculator on the…[Read more]

Would love to hear your feed back Sooshie, it might be handy to know if I ever get an application from a tenant with 9 kids!!![]

Like 4walls I too am fired up.

Have rung 4 Agents and other authorities chasing information in the past 4 hours and am viewing a property after 5pm today.[]

Have followed Stuart’s tactic and it was so easy -asked lots…[Read more]

Hello all,

What an awesome weekend yet again. This was my second time. A gigantic thank you to Steve, Dave and all their team for the endless hours of effort and energy that it takes to put together this fantastic event.

For those who are wondering why I went again – I was so motivated after last year I wanted to confirm the tactics I had used…[Read more]

I’m going this weekend. Am so much looking forward to meeting lots of people from the Forum and getting lots of inspiration from Steve and his team.

See you all bright eyed and bushy tailed at 8 am tomorrow morning.

Cheers
Nessie

Good Idea Michael
Perhaps Sooshie can set up an a dedicated Insurance Section (like the Useful Links) for everyone to post their info

I use RACV for Building Ins. get a discount because have been a member and had car ins. with them for 25+ years.
I use REI for Landlord Ins. REI reduce the premium to $250 per property from $265 once you have 2 or…[Read more]

I have received my Land Tax Notices for 2003. There is no land tax payable in Victoria if your Total unimproved value of all your properties is less than $149,999.
The Unimproved Value is arrived at by the Site Value on your Council Rate Notice X an Index Factor. The Index Factor used to be a flat figure of 1.0. However it now seems to vary…[Read more]

I totally agree. I haven’t played Monopoly for nearly 20 years. I play Robert K’s Cashflow game. It is great fun. The enjoyment of how quickly one can get out of the rat race gives such a boost to achieve this in reality.

Hey guys, your figures are cheap. Take a hold of your chairs before you read on. I got a quote from a builder (who was recommended) to erect 3 townhouses in the Melbourne Bayside area – $14,500 per square and all electrical appliances, bathroom fittings and landscaping were not included.

Cheers
Nessie

Hi Sooshie

Great idea. I haven’t heard anything on Vic Stamp Duty so can’t answer your question. But will hit the trail to find out more.

But one FACT that I know for sure is that Land Tax has increased since last year. Just received my 2003 Notices – ouch !!. The threshold has increased from $125K to $150K. This is good news. The actual rate…[Read more]

Susie

From my experience, portfolio loans are/were not the way to go. The Bank cross-collateralised the mortgages over the properties securing the portfolio loan. I unwound them all so that each IP has a stand alone mortgage and there is no cross collateralisation over the properties.
Majority of Mortgages today are “all monies Mortgages”…[Read more]

Sooshie

Sorry to hear you are off to see the Wizard !!
I have been off the air (no entries on the formum) for most of this year due to ill health myself and been to see many a wizard. Hence I have not contacted you to met for that coffee yet.
Have spent the last couple of weeks catching up on all the forum gossip. Have today got to this one.

I…[Read more]

Mike

Send me an email at rghicks_assocs@hotmail.com and I will email you back with the details.

Cheers
Nessie

Hi Mike

I have a relative in WA who is a property manager with a Real Estate Agent. If you are still looking for someone – might be able to assist you.

Let me know and I can provide the details.

Hi Angie,

I can confirm that what AD says about Movie Tickets works.
Had a Unit vacant for 2 months – couldn’t get tenants – Agent giving the run-around.
Then offered Free Movie Tickets and had tenants signed up 3 days later.
Something free certainly produces a win-win.

Hi Rob

A hint to getting the tenant once you have completed your rejuvenation. Movie Tickets. The best advice Steve has ever given.

Couldn’t get a tenant for 3 months – had a very lazy Agent.
Changed Agents and offered Movie Tickets. Got a tenant within 3 days of new Agent advertising.

Good luck
Nessie

My understanding of this is that a Family Trust and a Discretionary Trust are one and the same. It is just that different people use different terminology which creates confusion with everybody. There is no difference between a FT and a DT because they both have the discretionary power to distribute money to whoever the Trustee decides upon, be it…[Read more]